Clearing the final hurdles like obtaining funds, signing forms, getting the documents for loans and liens, and assuring you get a spotless title to the home in preparation of your purchase gets finalized are all part of the job of the escrow company.
These are the pieces of paperwork that escrow companies usually look to collect:
Upon completion of all portions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. Title to the house is then given to you as new owner and appropriate title insurance is issued as outlined in the escrow policy.
When closing is in it's last step, you'll pay the fees to the escrow agent. I'll keep you informed on the next steps.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
Once you're comfortable with the escrow process, you can be a better buyer.
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